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From: Luv Khemani <luvb@hotmail.com>
To: Jared Lee Richardson <jaredr26@gmail.com>
Thread-Topic: [bitcoin-dev] Hard fork proposal from last week's meeting
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> Err, no, that's what happens when you double click the Ethereum icon

instead of the Bitcoin icon.  Just because you run "Bitcoin SPV"
instead of "Bitcoin Verify Everyone's Else's Crap" doesn't mean you're
somehow going to get Ethereum payments.  Your verification is just
different and the risks that come along with that are different.  It's
only confusing if you make it confusing.

This is false. You could get coins which don't even exist  as long as a min=
er mined the invalid transaction.
Peter Todd has demonstrated this on mainstream SPV wallets,
https://www.linkedin.com/pulse/peter-todds-fraud-proofs-talk-mit-bitcoin-ex=
po-2016-mark-morris

The only reason SPV wallets do not accept ethereum payments is because of t=
ransaction/block format differences.
SPV wallets have no clue what is a valid bitcoin, they trust miners fully.

In the event of a hardfork, SPV wallets will blindly follow the longest cha=
in.

> If every block that is mined for them is deliberately empty because of
an attacker, that's nonfunctional.  You can use whatever semantics you
want to describe that situation, but that's clearly what I meant.

Not sure why you are bringing this up, this is not the case today nor does =
it have anything to do with blocksize.

> As above, if someone operates Bitcoin in SPV mode they are not
magically at risk of getting Dashcoins.  They send and receive
Bitcoins just like everyone else running Bitcoin software.  There's no
confusion about it and it doesn't have anything to do with hashrates
of anyone.

As mentioned earlier, you are at risk of receiving made up money.
SPV has everything to do with hashrate, it trusts hashrate fully.
Crafting a bitcoin transaction paying you money that i do not have is not d=
ifficult, as long as a miner mines a block with it, your SPV wallet will ac=
cept it.

> The debate is a choice between nodes paying more to allow greater growth =
and adoption,
or nodes constraining adoption in favor of debatable security
concerns.

Onchain transactions are not the only way to use Bitcoin the currency.
Trades you do on an exchange are not onchain, yet transacted with Bitcoin.

> And even if there was, the software would choose it for you?

People choose the software, not the other way round.

> Yes you do, if the segment options are known (and if they aren't,
running a node likely won't help you choose either, it will choose by
accident and you'll have no idea).  You would get to choose whose
verifications to request/check from, and thus choose which segment to
follow, if any.

SPV does not decide, they follow longest chain.
Centralised/Server based wallets follow the server they are connecting to.
Full Nodes do not depend on a 3rd party to decide if the money received is =
valid.

>  Are you really this dense?  If the cost of on-chain transactions
rises, numerous use cases get killed off.  At $0.10 per tx you
probably won't buy in-game digital microtransactions with it, but you
might buy coffee with it.  At $1 per tx, you probably won't buy coffee
with it but you might pay your ISP bill with it.  At $20 per tx, you
probably won't pay your ISP bill with it, but you might pay your rent.
At $300 per tx you probably won't use it for anything, but a company
purchasing goods from China might.  At $4000 per tx that company
probably won't use it, but international funds settlement for
million-dollar transactions might use it.
> At each fee step along the way you kill of hundreds or thousands of
possible uses of Bitcoin.  Killing those off means fewer people will
use it, so they will use something else instead.

No need to get personal.
As mentioned earlier, all these low value transactions can happen offchain.
None of the use cases will be killed off. We have sub dollar trades happeni=
ng on exchanges offchain.

> The average person doesn't need that level of security.

Precisely why they do not need to be on-chain.

It is clear to me that you have not yet grasped Bitcoin's security model, e=
specially the role Full-Nodes play in it.
Id suggest you do some more reading up and thinking about it.
Do thought experiments and take it to the extremes where nobody runs a node=
, what can miners do now which they could not do before?
Why don't exchanges run SPV nodes?

Further correspondence will not be fruitful until you grasp this.



On Thu, Mar 30, 2017 at 9:21 PM, Luv Khemani <luvb@hotmail.com> wrote:
>
> > Nodes don't do politics.  People do, and politics is a lot larger with =
a lot more moving parts than just node operation.
>
>
> Node operation is making a stand on what money you will accept.
>
> Ie Your local store will only accept US Dollars and not Japanese Yen. Wit=
hout being able to run a node, you have no way to independently determine w=
hat you are receiving, you could be paid Zimbawe Dollars and wouldn't know =
any better.
>
>
> > Full nodes protect from nothing if the chain they attempt to use is non=
functional.
>
> This is highly subjective.
> Just because it is nonfunctional to you, does not mean it is nonfunctiona=
l to existing users.
>
> > This power is far more complicated than just nodes.
>
> I never implied otherwise.
>
> > You're implying that node operation =3D=3D political participation.
>
> Ofcourse it is. Try paying for my goods using BU/Ehtereum/Dash/etc.. or a=
 Bitcoin forked with inflation, you will not get any goods regardless of ho=
w much hashrate those coins have.
>
> > Miners being distributed in enough countries and locations to avoid any=
 single outside attacker group from having enough leverage to prevent trans=
action inclusion, and miners also having enough incentives(philosophical or=
 economic) to refuse to collude towards transaction exclusion.
>
> It's good that you see the importance of this. You should also take into =
consideration the number of independent mining entities it takes to achieve=
 51% hashrate. It will be of little use to have thousands on independent mi=
ners/pools  if 3 large pools make up 51% of hash rate and collude to attack=
 the network.
>
> >  If users refused to get on board, exchanges would follow users.  If mi=
ners refused to get on board, the attempt would be equally dead in the wate=
r.  It would require a majority of users, businesses and miners to change t=
he limit;
>
> > Nodes have absolutely no say in the matter if they can't segment the ne=
twork, and even if they could their impact could be repaired.  Users !=3D N=
odes.
>
> Nodes define which network they want to follow. Without a Node, you don't=
 even get to decide which segement you are on. Either miners decide( for SP=
V wallets) or your wallet's server decides(Node). You have no control witho=
ut a
>
> >> What makes transactions irreversible
> >Nodes have absolutely no say in the matter, they always follow the longe=
st chain unless a hardfork was applied.
>
> My bad here, hashpower decides order. This is the sole reason we have min=
ing, to order transactions.
>
> > Mutual destruction comes from the market forces on the exchanges, and t=
hey could give a rats ass whether you run a node or not.
>
> Ability to run a node and validate rules =3D> Confidence in currency =3D>=
 Higher demand =3D> Higher exchange rate
>
> I would not be holding any Bitcoins if it was unfeasible for me to run a =
Node and instead had to trust some 3rd party that the currency was not bein=
g inflated/censored. Bitcoin has value because of it's trustless properties=
. Otherwise, there is no difference between cryptocurrencies and fiat.
>
> > Literally the only reason we have 10s of billions of dollars of value i=
s because speculation, which includes nearly all Bitcoin users/holders and =
almost all businesses and miners.  While  Bitcoin borrows useful features f=
rom gold, it has more possible uses, including uses that were never possibl=
e before Bitcoin existed, and we believe that gives it huge potential.
> > The ability of other systems to do transactions, like visa or cash, com=
e with the limitations of those systems.  Bitcoin was designed to break tho=
se limitations and STILL provide the ability to do transactions.  We might =
all agree Bitcoin isn't going to ever solve the microtransaction problem, a=
t least not on-chain, but saying Bitcoin doesn't need utility is just fooli=
sh.  Gold doesn't need utility, gold has 4,000 years of history.  We don't.
> > There's no reason those blocksize increases can't be tied to or related=
 to usage increases
>
> Blocksize has nothing to do with utility, only cost of on-chain transacti=
ons.
> OTOH increasing the blocksize has alot to do with introducing the very li=
mitations that Visa/Cash have.
> Why would you risk destroying Bitcoin's primary proposition (removing lim=
itations of Cash/Visa) for insignificant capacity increase?
>
> > That's like saying it would be better to do nothing so someone else sol=
ves our problem for us than it would be for us to do what we can to solve i=
t ourselves.  Someone else solving our problem may very well be Ethereum, a=
nd "solving it for us" is pulling Bitcoin investments, users and nodes away=
 into Ethereum.
>
> Who says nothing is being done? Segwit, Lightning, pre-loaded wallets lik=
e Coinbase are all solutions.
>
>
>
>
> On Thu, Mar 30, 2017 at 12:11 AM, Luv Khemani <luvb@hotmail.com> wrote:
>>
>>
>> >> If home users are not running their own full nodes, then home users h=
ave to trust and rely on other, more powerful nodes to represent them. Of c=
ourse, the more powerful nodes, simply by nature of having more power, are =
going to have different opinions and objectives from the users.
>>
>> >I think you're conflating mining with node operation here.  Node users =
only power is to block the propagation of certain things.  Since miners als=
o have a node endpoint, they can cut the node users out of the equation by =
linking with eachother directly - something they already do out of practica=
lity for propagation.  Node users do not have the power to arbitrate consen=
sus, that is why we have blocks and PoW.
>>
>> You are only looking at technical aspects and missing the political aspe=
ct.
>>
>> Node users decide what a Bitcoin is. It matters not how much hash power =
is behind a inflationary supply chain fork, full nodes protect the user fro=
m the change of any properties of Bitcoin which they do not agree with. The=
 ability to retain this power for users is of prime importance and is argua=
bly what gives Bitcoin most of it's value. Any increase in the cost to run =
a full node is an increase in cost to maintain monetary sovereignty. The ab=
ility for a user to run a node is what keeps the miners honest and prevents=
 them from rewriting any of Bitcoin's rules.
>>
>> If it's still difficult to grasp the above paragraph, ask yourself the f=
ollowing questions,
>> - What makes Bitcoin uncensorable
>> - What gives confidence that the 21 million limit will be upheld
>> - What makes transactions irreversible
>> - If hashpower was king as you make it to be, why havn't miners making u=
p majority hashrate who want bigger blocks been able to change the blocksiz=
e?
>>
>> The market is not storing 10s of billions of dollars in Bitcoin despite =
all it's risks because it is useful for everyday transactions, that is a so=
lved problem in every part of the world (Cash/Visa/etc..).
>>
>> Having said that, i fully empathise with your view that increasing trans=
action fees might allow competitors to gain marketshare for low value use c=
ases. By all means, we should look into ways of solving the problem. But al=
l these debates around blocksize is a total waste of time. Even if we fork =
to 2MB, 5MB, 10MB. It is irrelevant in the larger picture, transaction capa=
city will still be too low for global usage in the medium-long term. The ad=
ditional capacity from blocksize increases are linear improvements with ver=
y large systemic costs compared with the userbase and usage which is growin=
g exponentially. Lightning potentially offers a couple or orders of magnitu=
de of scaling and will make blocksize a non-issue for years to come. Even i=
f it fails to live up to the hype, you should not discount the market innov=
ating solutions when there is money to be made.
>>
>

--_000_SINPR04MB1949BE883C69CFF1477AFAEFC2370SINPR04MB1949apcp_
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<html>
<head>
<meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Diso-8859-=
1">
<style type=3D"text/css" style=3D"display:none;"><!-- P {margin-top:0;margi=
n-bottom:0;} --></style>
</head>
<body dir=3D"ltr">
<div id=3D"divtagdefaultwrapper" dir=3D"ltr" style=3D"color: rgb(0, 0, 0); =
font-family: Calibri, Arial, Helvetica, sans-serif;">
<p style=3D"font-size: 12pt;"><span style=3D"font-size:10pt">&gt;&nbsp;Err,=
 no, that's what happens when you double click the Ethereum icon</span><br>
</p>
<div style=3D"color: rgb(0, 0, 0);"><font>
<div class=3D"PlainText" style=3D"font-size: 10pt;">instead of the Bitcoin =
icon.&nbsp; Just because you run &quot;Bitcoin SPV&quot;<br>
instead of &quot;Bitcoin Verify Everyone's Else's Crap&quot; doesn't mean y=
ou're<br>
somehow going to get Ethereum payments.&nbsp; Your verification is just<br>
different and the risks that come along with that are different.&nbsp; It's=
<br>
only confusing if you make it confusing.<br>
<br>
This is false. You could get coins which don't even exist &nbsp;as long as =
a miner mined the invalid transaction.</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">Peter Todd has demonstr=
ated this on mainstream SPV wallets,&nbsp;</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;"><a href=3D"https://www.=
linkedin.com/pulse/peter-todds-fraud-proofs-talk-mit-bitcoin-expo-2016-mark=
-morris" class=3D"OWAAutoLink" id=3D"LPlnk590453" previewremoved=3D"true">h=
ttps://www.linkedin.com/pulse/peter-todds-fraud-proofs-talk-mit-bitcoin-exp=
o-2016-mark-morris</a><br>
<br>
</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">The only reason SPV wal=
lets do not accept ethereum payments is because of transaction/block format=
 differences.</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">SPV wallets have no clu=
e what is a valid bitcoin, they trust miners fully.&nbsp;</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;"><br>
</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">In the event of a hardf=
ork, SPV wallets will blindly follow the longest chain.</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;"><br>
&gt;&nbsp;If every block that is mined for them is deliberately empty becau=
se of<br>
an attacker, that's nonfunctional.&nbsp; You can use whatever semantics you=
<br>
want to describe that situation, but that's clearly what I meant.<br>
<br>
Not sure why you are bringing this up, this is not the case today nor does =
it have anything to do with blocksize.&nbsp;<br>
<br>
&gt;&nbsp;As above, if someone operates Bitcoin in SPV mode they are not<br=
>
magically at risk of getting Dashcoins.&nbsp; They send and receive<br>
Bitcoins just like everyone else running Bitcoin software.&nbsp; There's no=
<br>
confusion about it and it doesn't have anything to do with hashrates<br>
of anyone.&nbsp;</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;"><br>
</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">As mentioned earlier, y=
ou are at risk of receiving made up money.</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">SPV has everything to d=
o with hashrate, it trusts hashrate fully.&nbsp;</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">Crafting a bitcoin tran=
saction paying you money that i do not have is not difficult, as long as a =
miner mines a block with it, your SPV wallet will accept it.</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;"><br>
&gt;&nbsp;The debate is a&nbsp;choice between nodes paying more to allow gr=
eater growth and adoption,<br>
or nodes constraining adoption in favor of debatable security<br>
concerns.<br>
<br>
</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">Onchain transactions ar=
e not the only way to use Bitcoin the currency.</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">Trades you do on an exc=
hange are not onchain, yet transacted with Bitcoin.<br>
<br>
&gt; And even if there was, the software would choose it for you?&nbsp;&nbs=
p;</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;"><br>
</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">People choose the softw=
are, not the other way round.<br>
<br>
&gt;&nbsp;Yes you do, if the segment options are known (and if they aren't,=
<br>
running a node likely won't help you choose either, it will choose by<br>
accident and you'll have no idea).&nbsp; You would get to choose whose<br>
verifications to request/check from, and thus choose which segment to<br>
follow, if any.<br>
<br>
SPV does not decide, they follow longest chain.</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">Centralised/Server base=
d wallets follow the server they are connecting to.</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">Full Nodes do not depen=
d on a 3rd party to decide if the money received is valid.</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;"><br>
</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;">&gt; &nbsp;<span style=
=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-size: 13.3333p=
x;">Are you really this dense?&nbsp; If the cost of on-chain transactions</=
span><br style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-=
size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">rises, numerous use cases get killed off.&nbsp; At $0.10 per=
 tx you</span><br style=3D"font-family: Calibri, Arial, Helvetica, sans-ser=
if; font-size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">probably won't buy in-game digital microtransactions with it=
, but you</span><br style=3D"font-family: Calibri, Arial, Helvetica, sans-s=
erif; font-size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">might buy coffee with it.&nbsp; At $1 per tx, you probably w=
on't buy coffee</span><br style=3D"font-family: Calibri, Arial, Helvetica, =
sans-serif; font-size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">with it but you might pay your ISP bill with it.&nbsp; At $2=
0 per tx, you</span><br style=3D"font-family: Calibri, Arial, Helvetica, sa=
ns-serif; font-size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">probably won't pay your ISP bill with it, but you might pay =
your rent.</span><br style=3D"font-family: Calibri, Arial, Helvetica, sans-=
serif; font-size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">At $300 per tx you probably won't use it for anything, but a=
 company</span><br style=3D"font-family: Calibri, Arial, Helvetica, sans-se=
rif; font-size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">purchasing goods from China might.&nbsp; At $4000 per tx tha=
t company</span><br style=3D"font-family: Calibri, Arial, Helvetica, sans-s=
erif; font-size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">probably won't use it, but international funds settlement fo=
r</span><br style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; fo=
nt-size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">million-dollar transactions might use it.</span><br style=3D=
"font-family: Calibri, Arial, Helvetica, sans-serif; font-size: 13.3333px;"=
>
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">&gt;&nbsp;At each fee step along the way you kill of hundred=
s or thousands of</span><br style=3D"font-family: Calibri, Arial, Helvetica=
, sans-serif; font-size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">possible uses of Bitcoin.&nbsp; Killing those off means fewe=
r people will</span><br style=3D"font-family: Calibri, Arial, Helvetica, sa=
ns-serif; font-size: 13.3333px;">
<span style=3D"font-family: Calibri, Arial, Helvetica, sans-serif; font-siz=
e: 13.3333px;">use it, so they will use something else instead.</span></div=
>
<div class=3D"PlainText"><span style=3D"font-size: 13.3333px;"><br>
</span></div>
<div class=3D"PlainText"><span style=3D"font-family: Calibri, Arial, Helvet=
ica, sans-serif;"></span><span style=3D"font-size: 13.3333px;">No need to g=
et personal.&nbsp;</span></div>
<div class=3D"PlainText"><span style=3D"font-size: 13.3333px;">As mentioned=
 earlier, all these low value transactions&nbsp;can happen offchain.&nbsp;<=
/span></div>
<div class=3D"PlainText"><span style=3D"font-size: 13.3333px;">None of the =
use cases will be killed off. We have sub dollar trades happening on exchan=
ges offchain.<br>
</span><br>
<span style=3D"font-size: 10pt;">&gt;&nbsp;The average person doesn't need =
that level of security.&nbsp;&nbsp;</span></div>
<div class=3D"PlainText"><span style=3D"font-size: 10pt;"><br>
</span></div>
<div class=3D"PlainText"><span style=3D"font-size: 10pt;">Precisely why the=
y do not need to be on-chain.</span></div>
<div class=3D"PlainText"><br>
</div>
<div class=3D"PlainText">It is clear to me that you have not yet grasped Bi=
tcoin's security model, especially the role Full-Nodes play in it.&nbsp;</d=
iv>
<div class=3D"PlainText">Id suggest you do some more reading up and thinkin=
g about it.&nbsp;</div>
<div class=3D"PlainText">Do thought experiments and take it to the extremes=
 where nobody runs a node, what can miners do now which they could not do b=
efore?</div>
<div class=3D"PlainText">Why don't exchanges run SPV nodes?</div>
<div class=3D"PlainText"><br>
</div>
<div class=3D"PlainText">Further correspondence will not be fruitful until =
you grasp this.</div>
<div class=3D"PlainText"><br>
</div>
<div class=3D"PlainText" style=3D"font-size: 10pt;"><br>
<br>
On Thu, Mar 30, 2017 at 9:21 PM, Luv Khemani &lt;luvb@hotmail.com&gt; wrote=
:<br>
&gt;<br>
&gt; &gt; Nodes don't do politics.&nbsp; People do, and politics is a lot l=
arger with a lot more moving parts than just node operation.<br>
&gt;<br>
&gt;<br>
&gt; Node operation is making a stand on what money you will accept.<br>
&gt;<br>
&gt; Ie Your local store will only accept US Dollars and not Japanese Yen. =
Without being able to run a node, you have no way to independently determin=
e what you are receiving, you could be paid Zimbawe Dollars and wouldn't kn=
ow any better.<br>
&gt;<br>
&gt;<br>
&gt; &gt; Full nodes protect from nothing if the chain they attempt to use =
is nonfunctional.<br>
&gt;<br>
&gt; This is highly subjective.<br>
&gt; Just because it is nonfunctional to you, does not mean it is nonfuncti=
onal to existing users.<br>
&gt;<br>
&gt; &gt; This power is far more complicated than just nodes.<br>
&gt;<br>
&gt; I never implied otherwise.<br>
&gt;<br>
&gt; &gt; You're implying that node operation =3D=3D political participatio=
n.<br>
&gt;<br>
&gt; Ofcourse it is. Try paying for my goods using BU/Ehtereum/Dash/etc.. o=
r a Bitcoin forked with inflation, you will not get any goods regardless of=
 how much hashrate those coins have.<br>
&gt;<br>
&gt; &gt; Miners being distributed in enough countries and locations to avo=
id any single outside attacker group from having enough leverage to prevent=
 transaction inclusion, and miners also having enough incentives(philosophi=
cal or economic) to refuse to collude
 towards transaction exclusion.<br>
&gt;<br>
&gt; It's good that you see the importance of this. You should also take in=
to consideration the number of independent mining entities it takes to achi=
eve 51% hashrate. It will be of little use to have thousands on independent=
 miners/pools&nbsp; if 3 large pools make
 up 51% of hash rate and collude to attack the network.<br>
&gt;<br>
&gt; &gt;&nbsp; If users refused to get on board, exchanges would follow us=
ers.&nbsp; If miners refused to get on board, the attempt would be equally =
dead in the water.&nbsp; It would require a majority of users, businesses a=
nd miners to change the limit;<br>
&gt;<br>
&gt; &gt; Nodes have absolutely no say in the matter if they can't segment =
the network, and even if they could their impact could be repaired.&nbsp; U=
sers !=3D Nodes.<br>
&gt;<br>
&gt; Nodes define which network they want to follow. Without a Node, you do=
n't even get to decide which segement you are on. Either miners decide( for=
 SPV wallets) or your wallet's server decides(Node). You have no control wi=
thout a<br>
&gt;<br>
&gt; &gt;&gt; What makes transactions irreversible<br>
&gt; &gt;Nodes have absolutely no say in the matter, they always follow the=
 longest chain unless a hardfork was applied.<br>
&gt;<br>
&gt; My bad here, hashpower decides order. This is the sole reason we have =
mining, to order transactions.<br>
&gt;<br>
&gt; &gt; Mutual destruction comes from the market forces on the exchanges,=
 and they could give a rats ass whether you run a node or not.<br>
&gt;<br>
&gt; Ability to run a node and validate rules =3D&gt; Confidence in currenc=
y =3D&gt; Higher demand =3D&gt; Higher exchange rate<br>
&gt;<br>
&gt; I would not be holding any Bitcoins if it was unfeasible for me to run=
 a Node and instead had to trust some 3rd party that the currency was not b=
eing inflated/censored. Bitcoin has value because of it's trustless propert=
ies. Otherwise, there is no difference
 between cryptocurrencies and fiat.<br>
&gt;<br>
&gt; &gt; Literally the only reason we have 10s of billions of dollars of v=
alue is because speculation, which includes nearly all Bitcoin users/holder=
s and almost all businesses and miners.&nbsp; While&nbsp; Bitcoin borrows u=
seful features from gold, it has more possible uses,
 including uses that were never possible before Bitcoin existed, and we bel=
ieve that gives it huge potential.<br>
&gt; &gt; The ability of other systems to do transactions, like visa or cas=
h, come with the limitations of those systems.&nbsp; Bitcoin was designed t=
o break those limitations and STILL provide the ability to do transactions.=
&nbsp; We might all agree Bitcoin isn't going to
 ever solve the microtransaction problem, at least not on-chain, but saying=
 Bitcoin doesn't need utility is just foolish.&nbsp; Gold doesn't need util=
ity, gold has 4,000 years of history.&nbsp; We don't.<br>
&gt; &gt; There's no reason those blocksize increases can't be tied to or r=
elated to usage increases<br>
&gt;<br>
&gt; Blocksize has nothing to do with utility, only cost of on-chain transa=
ctions.<br>
&gt; OTOH increasing the blocksize has alot to do with introducing the very=
 limitations that Visa/Cash have.<br>
&gt; Why would you risk destroying Bitcoin's primary proposition (removing =
limitations of Cash/Visa) for insignificant capacity increase?<br>
&gt;<br>
&gt; &gt; That's like saying it would be better to do nothing so someone el=
se solves our problem for us than it would be for us to do what we can to s=
olve it ourselves.&nbsp; Someone else solving our problem may very well be =
Ethereum, and &quot;solving it for us&quot; is pulling
 Bitcoin investments, users and nodes away into Ethereum.<br>
&gt;<br>
&gt; Who says nothing is being done? Segwit, Lightning, pre-loaded wallets =
like Coinbase are all solutions.<br>
&gt;<br>
&gt;<br>
&gt;<br>
&gt;<br>
&gt; On Thu, Mar 30, 2017 at 12:11 AM, Luv Khemani &lt;luvb@hotmail.com&gt;=
 wrote:<br>
&gt;&gt;<br>
&gt;&gt;<br>
&gt;&gt; &gt;&gt; If home users are not running their own full nodes, then =
home users have to trust and rely on other, more powerful nodes to represen=
t them. Of course, the more powerful nodes, simply by nature of having more=
 power, are going to have different opinions
 and objectives from the users.<br>
&gt;&gt;<br>
&gt;&gt; &gt;I think you're conflating mining with node operation here.&nbs=
p; Node users only power is to block the propagation of certain things.&nbs=
p; Since miners also have a node endpoint, they can cut the node users out =
of the equation by linking with eachother directly
 - something they already do out of practicality for propagation.&nbsp; Nod=
e users do not have the power to arbitrate consensus, that is why we have b=
locks and PoW.<br>
&gt;&gt;<br>
&gt;&gt; You are only looking at technical aspects and missing the politica=
l aspect.<br>
&gt;&gt;<br>
&gt;&gt; Node users decide what a Bitcoin is. It matters not how much hash =
power is behind a inflationary supply chain fork, full nodes protect the us=
er from the change of any properties of Bitcoin which they do not agree wit=
h. The ability to retain this power for
 users is of prime importance and is arguably what gives Bitcoin most of it=
's value. Any increase in the cost to run a full node is an increase in cos=
t to maintain monetary sovereignty. The ability for a user to run a node is=
 what keeps the miners honest and
 prevents them from rewriting any of Bitcoin's rules.<br>
&gt;&gt;<br>
&gt;&gt; If it's still difficult to grasp the above paragraph, ask yourself=
 the following questions,<br>
&gt;&gt; - What makes Bitcoin uncensorable<br>
&gt;&gt; - What gives confidence that the 21 million limit will be upheld<b=
r>
&gt;&gt; - What makes transactions irreversible<br>
&gt;&gt; - If hashpower was king as you make it to be, why havn't miners ma=
king up majority hashrate who want bigger blocks been able to change the bl=
ocksize?<br>
&gt;&gt;<br>
&gt;&gt; The market is not storing 10s of billions of dollars in Bitcoin de=
spite all it's risks because it is useful for everyday transactions, that i=
s a solved problem in every part of the world (Cash/Visa/etc..).<br>
&gt;&gt;<br>
&gt;&gt; Having said that, i fully empathise with your view that increasing=
 transaction fees might allow competitors to gain marketshare for low value=
 use cases. By all means, we should look into ways of solving the problem. =
But all these debates around blocksize
 is a total waste of time. Even if we fork to 2MB, 5MB, 10MB. It is irrelev=
ant in the larger picture, transaction capacity will still be too low for g=
lobal usage in the medium-long term. The additional capacity from blocksize=
 increases are linear improvements
 with very large systemic costs compared with the userbase and usage which =
is growing exponentially. Lightning potentially offers a couple or orders o=
f magnitude of scaling and will make blocksize a non-issue for years to com=
e. Even if it fails to live up to
 the hype, you should not discount the market innovating solutions when the=
re is money to be made.<br>
&gt;&gt;<br>
&gt;<br>
</div>
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</div>
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